Friday, September 5, 2014

Still Supportive Of Higher Levels

E-mini futures are finding support this morning in the area just above what would be the 1988.40 gap on the S&P cash. It looks like a corrective decline thus far which keeps my eyes on higher targets.

The market couldn't reach the 2014.18 Fib extension yesterday, so it likely needs a rest.

I still like this sort of scenario.

This chart means that if the market were to fall much lower, especially into the territory of wave i, 1964.04, something else would probably be going on. A higher level to watch carefully would be 1980.

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